http://www.about-home-mortgages.com/mortgage/current-rates.html Current mortgage rates are dangerous numbers to consider for first time home buyers. Current mortgage rates are great for home buyers who can qualify for fixed rates, everyone else is in for a ride. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 The fact of the matter is current mortgage rates are still relatively and affordable low. You can still find prime mortgage rates hovering at about 5.8% for a 30-year fixed rate mortgage, and about 5.6% for a 15 year deal. But lenders and mortgage professional all over the country are struggling to keep current mortgage rates as low as they are - soon enough the dam will break and high rates will come pouring out. Why current mortgage rates are destined to rise The rates attached to every mortgage is based off the prime rate, the base rate lenders pay for the money they access from the corporate financial institutions. Any addition or margin added to that rate is profit for the lender - they can change their profits, they cannot change how much they have to pay for their loans. Current mortgage rates are still relatively low not because the prime rate is as low as it once was, but because lenders are taking less and less in profits for the sake of competition. But the prime rate is rising - the Fed tells us so - and that can only mean an increase in our home mortgage rates. Preparing for the rise But remember the facts! Current mortgage rates are low and you can still get a great deal on home financing. So do it - get pre-qualified for a low rate mortgage now and lock into that rate before it gets any higher by the time you actually buy. Because it will only be a matter of months - not years - before current mortgage rates disappear, replaced by newer, higher rates for an increasingly expensive home loan. And what if rates don't rise? Well, then you have nothing to lose. An adjustable rate will adjust up or down according to the market, and there is always the refinancing option that will allow you to take advantage of lower mortgage interest rates. Sat, 26 Jul 2008 15:00:00 EDT